§ 1149-g. Bonds of the authority. 1. The authority shall have the\npower and is hereby authorized from time to time to issue bonds in\nconformance with the applicable provisions of the uniform commercial\ncode in such principal amounts as it may determine to be necessary to\npay the cost of any water project or projects or for any other corporate\npurposes, including incidental expenses in connection therewith.\n The authority shall have power from time to time to refund any bonds\nby the issuance of new bonds whether the bonds to be refunded have or\nhave not matured, and may issue bonds partly to refund bonds then\noutstanding and partly for any other corporate purpose.\n Bonds issued by the authority shall be special obligations payable\nsolely out of particular revenues or other moneys of the authority as\nmay be designated in the proceedings of the authority under which the\nbonds shall be authorized to be issued, subject to any agreements with\nthe holders of outstanding bonds pledging particular revenues or moneys.\n 2. The authority is authorized to obtain from any department or agency\nof the United States of America of the state or nongovernmental insurer\nor financial institution any insurance, guaranty, or other credit\nenhancement arrangement, to the extent now or hereafter available, as\nto, or for the payment or repayment of interest or principal, or both,\nor any part thereof, on any bonds or notes issued by the authority and\nto enter into any agreement or contract with respect to such insurance,\nguaranty or credit enhancement arrangement, except to the extent that\nthe same would in any way impair or interfere with the ability of the\nauthority to perform and fulfill the terms of any agreement made with\nthe holder of the bonds or notes of the authority.\n 3. Bonds shall be authorized by resolution of the authority, and may\nbe in such denominations and bear such date or dates and mature at such\ntime or times as such resolution may provide, except that bonds and\nrenewals thereof shall mature within forty years from the date their\noriginal issuance and notes and any renewals thereof shall mature within\nfive years from the date of their original issuance. Such bonds shall be\nsubject to such terms of redemption, bear interest at such rate or\nrates, which may vary from time to time, as may be necessary to effect\nthe sale thereof and shall be payable at such times, be in such form,\ncarry such registration privileges, be executed in such manner, be\npayable in such medium of payment at such place or places, and be\nsubject to such terms and conditions as such resolution may provide.\n Bonds may be sold at public sale or at private sale for such price or\nprices as the authority shall determine, provided that no issue of bonds\nmay be sold by the authority at private sale unless such sale and the\nterms thereof have been approved in writing by the comptroller, where\nsuch sale is not to the comptroller, or by the state director of the\nbudget, where such sale is to be to the comptroller.\n 4. Any resolution or resolutions authorizing bonds or any issue of\nbonds by the authority may contain provisions which may be part of the\ncontract with the holders of the bonds thereby authorized as to:\n (a) pledging all or part of its revenues, together with any other\nmoneys, or property of the authority, to secure the payment of the\nbonds, including but not limited to any contracts, earnings or proceeds\nof any grant to the authority received from any private or public\nsource, subject to such agreements with bondholders as may then exist;\n (b) the rates, rentals, fees and other charges to be fixed and\ncollected by the authority and the amounts to be raised in each year\nthereby, and the use and disposition of revenues;\n (c) the setting aside of reserves and the creation of sinking funds\nand the regulation and disposition thereof;\n (d) limitations on the purpose to which the proceeds from the sale of
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